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Carl Bishop


VA Home Loans

VA Home Loans


Homeownership is an important financial, and emotional, investment for many people. For military members, often times it is more difficult for them to purchase real estate, but in 1944 Congress created the VA Loan Guaranty Program to help military members receive aid in homeownership. Many people are unaware that this might be an option for them when purchasing a home and looking for loans. For those looking for more information about VA home loans, here are some of the facts.

More than 18 million military members have been able to purchase homes with the help of the Department of Veterans Affairs. Although only about 20 percent of those that can qualify for the loan do not apply for one. The VA loan is the most powerful and flexible lending option on the market. There are a variety of VA loans that help military members purchase a home.

This type of loan is only available to military members past and present and eligible surviving spouses. Every loan provides protection and the ability to purchase a home without any down payment. Looking further into who is eligible for a VA loan, a person must either be a military member who served 181 days on active duty or three months during war time, spent at least half a dozen years in the National Guard or Reserves, or be a spouse of someone killed in the line of duty. They then need to obtain a Certificate of Eligibility from the VA to show that they are eligible for the program.

Eighty percent of VA borrowers would not have qualified for a conventional loan because of the strict requirements, but with a VA loan, borrowers can qualify easier. Along with an easier qualifying process, competitive interest rates tend to be lower, there are no prepayment penalties, there is a higher allowable debt-to-income ratio and refinancing loans require no additional underwriting for VA loans. The VA pledges to repay about a quarter of every loan that is guaranteed if the borrower is forced to default on the loan. This helps guarantee greater protection and provides competitive rates and terms for the qualified veterans 

VA loans are not used for buying or building single-family homes. These loans are flexible, they can also be used to help improve a current living situation or save more money through refinancing. Improvements, repair, purchase of a residential property or to refinance are the main ways to use a VA loan.

Those that qualify for a VA loan can benefit from them greatly. By knowing the details of the loan, you can use them to help save money and to become a homeowner. VA loans are meant to provide assistance to military members.

About the Author:

Florida State Realty is pleased to bring you this article on VA Home Loans. Florida State Realty deals with Fort Lauderdale Real Estate, and Parkland homes for sale. If you are interested in learning more, be sure to check out their website today.


For more information on VA home loans in San Antonio, Texas please contact the Bishop Group at 210-309-6244.